By Nina Kienle

Telefonica Deutschland has recommended that its shareholders accept the 1.97 billion euro ($2.11 billion) takeover offer from Telefonica, which would give the Spanish parent company full ownership.

The management and supervisory boards of the German arm of the Spanish telecommunications provider said on Wednesday that they found the offer to be fair financially.

Telefonica said in November that it would pay EUR2.35 per share for the 28.19% stake in Telefonica Deutschland it doesn't already own.

By taking full ownership, Telefonica aims to increase the German company's contribution to group profit and cash flow, aligning it with its own strategy to focus on core markets.

The acceptance period began on Dec. 5, and runs until Jan. 17, 2024.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

December 13, 2023 05:36 ET (10:36 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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